Who advises the banks?
So this is something I have been wondering about for a while. The various IBD divisions of the investment banks and boutqiues advise clients in various industries with M&A, managing capital etc.
When it comes to these kind of strategies for the banks themselves, will they hire external advisory or do they utilise the internal pool of capable bankers (assuming they have hands full helping clients)? One example would be the Bank of America acquisition of Merrill Lynch, were there external advisory involved?
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